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Business Administration: Identifying Your Target Market

customer profiles and target market research areas

Prior to the creation of promotional content, businesses must define a niche-market that they wish to target. Mass marketing to all consumers without identifying key demographic, psychographic, geographic, and behavioral attributes will prove to be an ineffective marketing approach.

Demographics

Demographics cover a large range of characteristics such as gender, ethnicity, age, income, family size, and education. Age and income are considered to be the most common factors when establishing a segregated target market. Dependent on the type of product or service that you are attempting to advertise, these characteristics will differ.

Geographics

Geography uses location, density, and market size to segment a market. Regardless of which segmentation technique you incorporate into your marketing campaign, it is crucial that you are able to locate those customers; once you have dominated a specific geographic market, further expansion can be considered.

Psychographics

Consumer opinions, lifestyles, and interests are all categorized into psychographics. For example, the adoption of a healthy and active lifestyle would impact a consumer’s decision on which restaurant to go to dinner for; the consumer would prefer a restaurant that provides wholesome and nutritious meals.

Behavioristics

The final step in identifying your target market is learning about consumer purchasing patterns, consumer loyalty, and consumer attitudes; this includes information regarding how often a client purchases a product or service, its use and consumption, and the individual’s brand loyalty.Remember, this entire process is only a single step in creating a customer profile for your business. This information will help narrow down your specific target market; however, it should be noted that many businesses have several niche markets, as opposed to a single one.Does target market research sound interesting to you? Of course it does! ABM College offers a 51 week Business Administration Diploma; learn about other topics related to marketing and business by enrolling today!

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